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One in five households in the UK with an income of £30,000 or more are planning to reduce their pension contributions due to concerns over the credit crunch, according to new research.

AXA's survey also found that 30 per cent feel that their main reason to either stop or cut back on their retirement savings was a lack of money left over at the end of the month.

It was also found that 15 per cent both blamed the house prices and paying debts as a reason there are reducing contributions.

Commenting on the findings, AXA spokesperson Steve Folkard said: "If we dont tackle this issue this group are in for a wake-up call in retirement.

"Planning for the financial future and particularly retirement is more than simply deciding what you want to do."

Research published by Prudential earlier this week claimed that voluntary pension contributions by UK adults have halved in the past 12 months, with non-retired people placing an average of £144.57 a month in private and company schemes.

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